Nokia has confirmed that it is selling its HERE mapping business to a group of European car makers for $3.07 billion. Audi, BMW, and Daimler AG (Mercedes-Benz) make up the buying consortium, and the deal is expected to close during the first quarter of 2016.
We first heard about the interest in Nokia’s maps business back in May, when it was reported that three European car manufacturers were interested in acquiring the service to take on rival mapping products from the likes of Google and Apple.
Some reports have also suggested that Microsoft and Uber were interested in the acquisition, with the latter offering Nokia $3 billion for the takeover. Now the Finnish firm has confirmed that HERE is on its way for just over that.
“It isn’t initially clear whether any, or indeed how many, of HERE’s 6,454 staff will be let go following the closure of the deal,” reports TechCrunch. However, it’s thought HERE’s sheer number of staff is one of the reasons why Nokia has been keen to offload it.
Nokia’s $3.07 billion payment will help it pay for its $16.6 billion acquisition of Alcatel-Lucent next year as the company looks to make its way back into the smartphone business.